The Plot to Kill the 401(k)…Thickens
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Critics of the 401(k) have moved way beyond mere bad-mouthing—and are now openly advocating actions that would undermine support for, and participation in, those programs. It started with criticism of the 401(k) itself—how it was “never intended” to be a primary source of retirement income—as though that precluded the possibility. There were the insinuations that later became outright claims that—despite evidence to the contrary—401(k) plan benefits were “ upside down ” and that tax benefits accrued only to the rich. Then reports—based on small samplings of data—that employer matching contributions didn’t really impact/influence contribution levels—and that the match was…“ unfair ”—or “ exploiting naïve myopic workers .” More recently, there was the pining for the defined benefit plan design , even though it never really provided the level of benefits promised for most—and even though the vast majority of workers in the private sector never even had that as an option —and even though